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>"encouraging more taxpayers under the U.S. system of "voluntary compliance" (self-reporting attested to under penalty of perjury) to be honest." I really disl
by BitwiseFool 5y ago
>"encouraging more taxpayers under the U.S. system of "voluntary compliance" (self-reporting attested to under penalty of perjury) to be honest."
I really dislike the implication of dishonesty. For the average person the IRS is involved in your paycheck, not in your Venmo transactions and Facebook Marketplace postings. I sense this kind of reporting is only going to create resentment, and I hope it does.
Edit: I Venmo my sister money for groceries and pizza from time to time because she is in college. I'm well under the threshold for the gift-tax (as long as you are under ~$14,000 a year), but now the IRS has a record of all these transactions I have even more to worry about when it comes time to file. What happens if my "payments" are ~$700 and I don't put that amount in the gift column on my 1040? What about her? Does she need to report this as well? The IRS will know about it.
Sure, you could say I was supposed to be reporting this the whole time, but is this a reasonable expectation for transactions so minor and mundane? Were you reporting such things this whole time?